S J S Enterprises Ltd(SJS)

NSE: SJSBSE: 543387

₹ 1,890-0.24%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,095 crWebsite: www.sjsindia.comUpdated: 24 Oct 2026

About

SJS Enterprises is an Indian manufacturer of decorative aesthetics and functional components for the automotive industry, supplying decals, badges, overlays, chrome-plated parts, optical plastics, and in-mould products to two-wheeler and passenger vehicle OEMs. The company operates through three entities - SJS standalone, SJS Decoplast (chrome plating), and Walter Pack India (in-mould decoration) - and reported consolidated FY26 revenue of Rs. 9,550.7 mn, a 25.6% increase year-on-year. SJS has outperformed the combined 2W+PV industry for 27 consecutive quarters as of Q1 FY27.^[1]

Business segments

SJS standalone produces decorative aesthetic components (decals, badges, aluminium overlays, optical plastics, IMD/IML) primarily for 2W and PV OEMs; it is the largest of the three operating entities.^[2]
SJS Decoplast (SDPL) manufactures chrome-plated plastic parts; it operated at ~95% capacity utilisation in FY26 with auxiliary outsourced suppliers filling the gap.^[1]
Walter Pack India (WPI) supplies in-mould decoration products; it became a 100% wholly-owned subsidiary in Q1 FY27, having previously been majority-owned.^[2]
New-generation products contributed ~24% of consolidated revenue in both Q1 FY27 and FY26, versus nearly 28% in FY25.^[2][3]

Products and technology

As of FY25, SJS made customised decorative aesthetic products across 14 categories serving 7 end segments.^[3]
Portfolio includes decals, body graphics, 2D/3D appliques and dials, 3D lux badges, domes, overlays, aluminium badges, IML/IMD parts, lens mask assemblies, optical plastics and chrome-plated and painted parts.^[3]
WPI added IMD, IMF and IML technologies; its revenue had grown 1.5 times since acquisition as of FY25.^[3]
As of FY25 the new product development team had over 90 members, with a three-year technical service agreement with Walter Pack, Spain, for IMD/IML technology.^[3]
Next-generation products in development as of FY25: optical cover glass, illuminated logos and in-mould electronics (IME).^[3]

Operations and capacity

SJS Bengaluru facility has 2,25,000 sq ft built-up area and installed capacity of ~30 crore parts per annum; utilisation was ~75% in FY26.^[4]
SJS Decoplast Pune greenfield chrome-plating plant (capex ~Rs. 100 cr) began commercial operations in August 2026, adding capacity for Rs. 200 - 250 cr of incremental revenue.^[2]
Walter Pack India utilisation was ~75% as of Q3 FY26; SJS standalone rose from 60 - 65% the prior year to ~75%.^[5]
Hosur display facility (97,000 sq ft) is ready with equipment on order for optical bonding and automotive display assembly under the BOE Varitronix agreement, as of Q4 FY26.^[1]

Key operating numbers

Automotive business grew 32.4% YoY in Q1 FY27 vs 21.7% for the combined PV+2W industry, the 27th consecutive quarter of industry outperformance.^[2]
PV segment grew 45.4% YoY and 2W segment grew 19.5% YoY in Q1 FY27.^[2]
Future PV kit value per vehicle with display and optical bonding products is expected at Rs. 5,000 - 8,000, vs legacy Rs. 1,200 - 1,500 (Q3 FY26 call).^[5]

Customers and exports

As of FY25, SJS supplied directly or indirectly all of India's top 7 two-wheeler OEMs, 9 of the top 10 PV OEMs and 5 of the top 10 consumer durable OEMs.^[3]
Export revenue was Rs. 255.8 mn in Q1 FY27 (+83.2% YoY, 9.8% of consolidated revenue); FY26 export revenue was a record Rs. 911.4 mn, +60.5% YoY.^[2]
SJS won a long-term global Stellantis order to supply North America, Latin America and Europe, and a Whirlpool US order marking entry into dishwashers (FY25).^[3]
Key global customers include Stellantis, Nissan (via Orafol USA) and Whirlpool; a Germany sales representative pursues European OEMs (Q3 FY26).^[5]
FY25 customer additions: Dixon and Whirlpool (consumer durables), Fiat Chrysler and Stellantis (automotive), TI India (EV tractors), and Hero MotoCorp in April 2025.^[3]
Q1 FY27 order wins include M&M, Tata Motors, TVS, Autoliv, Royal Enfield, Skoda, John Deere and Hero MotoCorp; SDPL won Tata Motors and Walter Pack won Mahindra through cross-selling.^[2]
Customers added since Q2 FY26 include River (EV 2W), Azad (EV bus), Same Deutz Fahr (tractors) and Orafol USA.^[6]

Expansion and capex

SJS Display Electronics (wholly-owned) will set up a ~60,000 sq ft build-to-suit plant at Koregaon Bhima, Shirur, Pune, investing Rs. 81 Cr, targeting commercial operations by September 2027.^[7]
Walter Pack Automotive Products India will add a 63,086 sq ft facility at Koregaon Bhima, Shirur, Pune, investing Rs. 49 Cr, with commercial operations by May 2027.^[8]
Bengaluru: ~20% capacity addition over ~30 crore parts per annum, Rs. 45 cr from internal accruals, commercial production expected in Q3 FY27.^[4]
SDPL Pune plant: management targets doubling SDPL sales over the next 3 - 4 years with asset turns of 2 - 2.5x (Q1 FY27).^[2]
Hosur display capex revised to ~Rs. 65 cr (Rs. 40 cr cover glass + Rs. 25 cr display assembly); commercial supplies expected in Q2 FY28.^[2]
Planned capex of ~Rs. 260 - 270 cr over three years from FY26 (Rs. 220 cr strategic + Rs. 15 - 20 cr/yr maintenance); Rs. 80 cr spent in FY26.^[1]

Display business build-out

SJS signed a Technology License Cum Supply Agreement with BOE Varitronix in Q3 FY26 for optical bonding and assembly of automotive display systems for 4-wheelers in India.^[5]
Display TAM in India is estimated internally at Rs. 5,000 - 7,000 cr by 2030; SJS aspires to capture at least 10% (Q1 FY27).^[2]

Recent developments

11 Oct 2026: SJS announced new Pune facilities at SJS Display Electronics (Rs. 81 Cr) and Walter Pack Automotive Products India (Rs. 49 Cr), funded from internal accruals/debt.^[7][8]
October 2026: ~20% capacity addition announced at Bengaluru (Rs. 45 cr), commercial production targeted for Q3 FY27.^[4]
August 2026: SDPL's new Pune chrome-plating plant began commercial operations.^[2]
Q1 FY27: Board approved a wholly-owned subsidiary for cover glass and display assembly to enable a potential JV with BOE Varitronix.^[2]
Q1 FY27: SJS acquired the remaining stake in Walter Pack India, making it wholly owned.^[2]
FY25: SJS became debt-free after repaying a ₹350 Mn term loan, and ICRA upgraded its rating to AA- (Stable).^[3]

Market Cap

₹6,095 Cr

High / Low

₹2,587 / 1,475

Stock P/E

28.6

Price / Book

7.0

Book Value

₹271

EPS

₹53.4

No. of Shares

3.2 Cr

ROCE

29.1%

ROE

22.1%

OPM

24.1%

Debt / Equity

0.01

Sales

₹955 Cr

Net Profit

₹172 Cr

Promoter holding

20.0%

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